Item Coversheet

Agenda Item Summary


Ordinance # / Resolution #: Ordinance 2024-1892
Contact Person / Sponsor: Brian Fulk / Economic Development
Department: Economic Development
Date Requested to be on Agenda: 2/12/2024
Council Action Requested:

Approve an amended and restated Fee Agreement to reflect a change in job commitment from 1300 to 600 AND to reduce the duration of the Special Source Revenue Credit from 20 years to 16 years.




Strategic Plan Focus Area Alignment:

Points to Consider:

Red Ventures is the 2nd largest employer in Lancaster County and continues to grow and invest.

 

The County and RV-Imagitas, LLC first entered into an economic development agreement in 2016, which was then amended to add additional land to the agreement in 2019.

 

The underlying agreement outlines a 30-ear timeframe and a $100 million investment in the County.

 

This amendment lowers the number of jobs to be created and maintained to 600 employees and reduces the number of years the company is eligible for Special Source Revenue Credits.  

 



Funding and Liability Factors:

RV Imagitas, LLC as an employer and the FILOT Payments they have made have been and will continue to be beneficial to the County. 

 

The County has evaluated RV-Imagitas on all criteria prescribed by law, including the anticipated dollar amount and nature of the investment to be made and believes they can satisfy all requirements and have put safeguards in place, should they not meet the outlined requirements.



Recommendation:

Approve a second amendment to the Economic Development agreement.



ATTACHMENTS:
DescriptionUpload DateType
Ordinance 2024-18922/5/2024Ordinance
Exhibit A Amended & Restated Fee Agreement Red Ventures2/5/2024Exhibit